Property Damage. Lessee shall obtain and maintain insurance coverage on all of Lessee's personal property, Trade Fixtures, and Lessee Owned Alterations and Utility Installations. Such insurance shall be full replacement cost coverage with a deductible of not to exceed $1,000 per occurrence. The proceeds from any such insurance shall be used by Lessee for the replacement of personal property, Trade Fixtures and Lessee Owned Alterations and Utility Installations. Lessee shall provide Lessor with written evidence that such insurance is in force.
Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of fire or other casualty, Seller shall immediately notify Purchaser in writing. In the event said damage results in damage of the improvements situated on the Property in the amount of Ten Thousand and No/100 Dollars ($10,000.00) or greater, Purchaser shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all Earnest Money shall be refunded to Purchaser and this Agreement shall be void and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which event the Purchase Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten Thousand and No/100 Dollars ($10,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss.
Property Damage. As outlined in clause 28, the Vehicle is insured for damage to it or damage to the property of a third party. Notwithstanding that You may receive the benefit of Apollo’s insurance with its insurer for the Vehicle, You will remain responsible up to the amount of the applicable Liability Waiver set out in Rental Vehicle Agreement Part A for the cost of such damage to the Vehicle and for damage to third party property. You will also remain responsible for the cost of demurrage for the period the Vehicle is unavailable due to repairs. The Liability Waiver applies in respect of each claim, not per rental. In the event of a claim, Apollo will require you pay a second bond if You are continuing with the rental plus an administration fee of $75 per claim. The Liability Waiver is applicable regardless of who is at fault and must be paid at the time the accident/incident is reported to Apollo, not at the completion of the rental period. Note: Personal belongings damaged, stolen or lost are Your responsibility. Apollo recommends that You do not leave items of value in the Vehicle and that You take out Your own Personal Travel Insurance.
Property Damage. Lessee agrees to maintain said Premises under the authority of the Parks and Recreation Director or his/her designee. Lessee agrees to repair or replace any property damaged, either willfully or accidentally, by its members or invitees which occurs to the Premises. Lessee is entitled to recover costs for damages or to require repairs for damages or improper maintenance that occurs while the Premises is used and controlled by others, including those enumerated in Sections 6 and 7 of this Agreement.
Property Damage. If, prior to closing, any part of the Property is damaged by fire or other casualty, Seller shall repair such damage before the date provided herein for closing. If such damage cannot be repaired by such time, this Agreement may be canceled at the option of the Purchaser. In the event of cancellation as aforesaid, this Agreement shall become null and void and the parties shall be released and all payments made shall be returned. Should Purchaser elect to carry out this Agreement despite such damage Seller shall assign to Purchaser all insurance proceeds arising from such damage and will compensate Purchaser for lost rent collections to the extent of insurance proceeds received. Seller shall promptly notify Purchaser in writing upon the occurrence of any such damage.